The net profit of General Motors (GM) increased in the first nine months of the year 11.7 percent and reached the 8 thousand 969 million dollars (8,282 million euros) thanks to the good results in North America and the increase in income, the automaker reported.
GM noted this Tuesday that in the third quarter of the year, net profit fell 0.3 percent to 3 thousand 056 million dollars.
Of January to Septemberthe manufacturer had revenues of 139.74 billion dollars, 8.4 percent more than in the same period of 2023, of which 11,761 million dollars corresponded to GM Financialthe financial arm of the company.
Adjusted net operating income (ebit) until September amounted to 12 thousand 424 million of dollars, 17.2 percent increase compared to 2023.
In North America, GM had profits of 12,254 million dollars, 19 percent increase, while the profits of GM International, which groups activities in the rest of the world, fell 91.3 percent to 82 million dollars.
For its part, Cruisethe unit dedicated to autonomous vehicles, reduced its losses to one thousand 284 million dollars. In the first nine months of 2023, Cruise had lost one thousand 904 million.
With the results of the third quarter, GM improved its forecasts for the whole of 2024, noting that it expects to end the year with net profits of between 10 thousand 400 and 11 thousand 100 million dollars, between 300 and 400 million dollars more than anticipated three months ago.
The company also noted that the 2024 adjusted ebit It could be between 14 billion and 15 billion dollars.
In a letter to shareholders, GM CEO and President Mary Barra highlighted that in the third quarter of the year, the company increased its quota market between individuals in the United States with “above average prices” and incentives below their competitors.
“In China, sales improved in the second quarter and inventory at dealerships fell sharply. Additionally, we remain on track to achieve our production and profitability goals in electric vehicles,” Barra added.
The head of GM warned that despite the good results, one cannot confuse “progress with victory.”
“Competition is fierce and the regulatory environment will continue to tighten. That is why we are focused on optimizing our margins on combustion engines and making our electric vehicles profitable on an ebit basis as soon as possible,” Barra added.
MATP
